In order to protect Pakistan’s financial sector and capital market from cybercriminals, a cybersecurity system will be developed at the national level which will improve Pakistan’s cybersecurity as well as save foreign exchange.
National Clearing Company of Pakistan Limited (NCCPL) and NED – National Center for Cyber Security (NCCS) have partnered on the development of a comprehensive AI-based cybersecurity solution that will enable smart and efficient security management.
The initiative has been undertaken following the MoU ceremony between NCCPL and NED-NCCS in early February of 2020, to develop an AI-based cybersecurity solution named “Security & Threat Intelligence Platform”.
Pakistan’s financial institutions and large companies are vulnerable to cyber attacks, which can break into networks of financial institutions at any time.
To counter this risk, financial institutions opt for foreign software, and solutions that are expensive lead to the depletion of foreign exchange reserves.
NCCPL chairman Humayun Bashir, CEO NCCPL Muhammad Lukman, Vice-Chancellor NED University Dr. Sarosh Hashmat Lodi, CEO PSX Farrukh Khan, MD Jaffer Business Systems Veqar-ul-Islam as well as Turkish Consul General Tolga UCAK, Virtusoft CEO Shoaib Ur Rehman and other top NCCPL and industry professionals were present to witness the ceremony.
This ceremony was conducted in order to promote the collaboration between the corporate sector and academia which will help create confidence in the technological advancements pertaining to cybersecurity.